New Delhi: Precious metals saw a sharp surge on Thursday, with silver crossing the ₹4 lakh per kilogram mark on the MCX. Gold also recorded a significant jump, fueled by growing demand for safe-haven assets amid geopolitical tensions.
On the MCX, March delivery silver rose by more than ₹17,000 per kilogram, reaching ₹4,03,845 per kg at 9:40 AM. Meanwhile, February delivery gold gained over ₹11,000 per 10 grams, trading at ₹1,78,020 per 10g. Both metals reached their all-time high levels on the exchange.
Rapid Rise in Silver Prices
Silver prices have surged by ₹1 lakh in just 10 days. On December 19, silver traded at ₹3 lakh per kilogram. It had previously taken about a month to rise from ₹2 lakh to ₹3 lakh per kilogram. Jewelers have expressed concern over the sudden spike in MCX silver rates.
Geopolitical Tensions Driving Demand
The rally comes amid heightened global tensions, especially following US President Donald Trump’s warnings to Iran regarding its nuclear program. The US has also been increasing its military presence in the Gulf region, adding to investor concerns and boosting safe-haven buying.
International Markets Support Rally
Global markets mirrored the surge. Spot gold rose nearly 3% to an all-time high of $5,591.61 per ounce, having crossed the $5,000 mark earlier this week. Spot silver climbed 1.3% to $118.061 per ounce, with intraday highs touching $119.34 per ounce. Rising demand for silver as a cost-effective alternative to gold, coupled with supply constraints and momentum-driven buying, has further strengthened the rally.
Current Physical Gold Prices Across Indian Cities (8 grams)
- Delhi: Standard Gold (22K) ₹1,22,648 | Pure Gold (24K) ₹1,33,792
- Mumbai: Standard Gold (22K) ₹1,22,528 | Pure Gold (24K) ₹1,33,672
- Chennai: Standard Gold (22K) ₹1,24,888 | Pure Gold (24K) ₹1,36,240
- Hyderabad: Standard Gold (22K) ₹1,22,528 | Pure Gold (24K) ₹1,33,672
Investors are advised to stay cautious as prices remain highly volatile amid ongoing global uncertainties.
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